CBD Products - Lesotho | Statista Market Forecast

in Lesotho, a country located Southern_Africa, is projected to see revenue in the CBD Products market reach US$210.90k in 2024.
This revenue is expected to display an annual growth rate (CAGR 2024-2029) of -3.34%, leading to a market volume of US$178.00k by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in this sector, amounting to US$2.58bn in 2024.
In terms of per capita figures, in 2024, each person in Lesotho generates revenues of US$18.21.
Lesotho's emerging CBD market is gaining traction with a focus on quality cultivation and processing for premium CBD products.

Definition:
The CBD Products market encompasses products derived from the cannabis plant that contain Cannabidiol (CBD), a non-psychoactive compound. These products may include oils, tinctures, edibles, topicals, and capsules. They are typically sold in health food stores, pharmacies, online platforms, and specialty CBD stores. These products are consumed for wellness purposes, and depending on the product, can be ingested, applied topically, or inhaled.

Structure:
The CBD Products market includes products used for general wellness, relaxation, and stress relief. The CBD Products market includes various forms of CBD such as oils, edibles, topicals, and capsules.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).

Cannabidiol (CBD) used for recreational purposes

CBD based medicine holding marketing authorisation
CBD based medicine not holding marketing authorisation

The CBD Products market in Lesotho has been experiencing significant growth and development in recent years.

Customer preferences: Consumers in Lesotho are increasingly turning to CBD products due to the growing awareness of their potential health benefits. Many individuals are seeking natural alternatives for wellness and are drawn to the therapeutic properties of CBD products. Additionally, there is a rising trend towards using CBD products for skincare and beauty purposes, driving demand in the market.

Trends in the market: One notable trend in the CBD Products market in Lesotho is the increasing availability of a variety of CBD products, including oils, tinctures, edibles, and topicals. This diverse product range caters to different consumer preferences and usage needs, contributing to the overall expansion of the market. Moreover, there is a growing interest in locally sourced and organic CBD products, reflecting a shift towards sustainability and supporting domestic producers.

Local special circumstances: Lesotho stands out in the CBD market due to its favorable climate for cannabis cultivation. The country has a conducive environment for growing high-quality hemp, which is a key ingredient in CBD products. This local advantage has attracted investments in the cannabis industry, leading to the establishment of licensed cultivation facilities and processing plants. As a result, Lesotho has positioned itself as a hub for CBD production in the region, further driving the growth of the market.

Underlying macroeconomic factors: The growth of the CBD Products market in Lesotho is also influenced by broader macroeconomic factors, such as increasing disposable income levels and changing consumer lifestyles. As more individuals prioritize health and wellness, the demand for CBD products is expected to continue rising. Additionally, the government's supportive regulations and policies regarding cannabis cultivation for medicinal and industrial purposes have created a conducive environment for the expansion of the CBD market in Lesotho.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.